The portion of a resource's earnings greater than the amount required to keep the resource in its present use is called:
a. the price of the resource.
b. the opportunity cost of the resource.
c. economic rent.
d. income.
c
Economics
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A railroad company lays a line of track between Houston and Dallas. It provides daily service for industrial customers and ships 5,000 ton-miles per day with a single train and only one departure and arrival at each end
It has an opportunity to purchase a second train that would allow it to ship twice the amount of ton-miles per day. Does this firm face increasing, constant or decreasing returns to scale? Explain.
Economics
Define the concentration ratio
What will be an ideal response?
Economics